Home Buyer Tips: How to Succeed in a Competitive Real Estate Market

How to Buy a Home in a Competitive MarketBuying a home is something a lot of people aspire to. Whether you've purchased one before or this is your first time, you want to make sure you're getting the right place at the right price. Unfortunately, it's also possible that you could lose out on a great home because the market is competitive. Someone else may buy that house before you get a chance to, and if that's the case you'll have to change your plans and go looking for another home that meets your needs. There are a number of ways you can be better prepared for a tough market, though, so you have a higher chance of getting the home you really want.

Choose a Go-Getter Agent

When you need to buy a house and the market is competitive, you need someone in the business and on your side. An agent who is busy but focused, and who will make the time to find out about properties and show them to you, is the kind of agent you want to look for. You don't have to choose the first agent you talk to, or work with one you don't feel comfortable with. Instead, select an agent you "click" with, and one with a reputation for getting things done. More experienced agents are generally better at this, but that's not always the case. Asking around can mean you get some good recommendations, too.

Make Sure You're Pre-Approved

Before you even set foot into a property you like, make sure you can actually afford to buy it. Getting pre-approved by a bank or other lender is a good way to be sure you can get the house you want, if you make an offer and the seller accepts it. While a pre-approval isn't a guarantee, it's one of the ways you can show the seller you're serious. If you have it and another buyer doesn't, the odds are higher of the seller accepting your offer instead of a different one. A pre-approval doesn't take long, and can go a long way toward helping you get the house you really want in a competitive home-buying market.

Stay Flexible

A particular house may seem perfect for you, but the chances are good that there are also other "perfect" houses out there. Stay flexible and open-minded, and keep looking at houses even after you've put in an offer on the one you want. That way you'll have some ideas for other offers if the first Greenbrae home you like goes to another buyer. You don't want to put in offers on a bunch of houses at once, but you do want to be sure you know your next move if your offer is declined or you can't come to some type of agreement with the seller of the property you're interested in buying.

Do Research Into Your Target Area(s)

In some cases, you may need to expand your area or location a little bit to get a house when the market is competitive. Because that's the case, you'll need to be sure about the area you're targeting. You don't want to end up in a neighborhood you don't like and don't feel at home in just because it was close to where you started looking for a house originally. By keeping that in mind you'll be better equipped to get both a good house and a good location, so you can be happy with your new home when you close on the property and get settled in. It's a great feeling to finally move into a house and neighborhood you love.

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